CIBC Costco Mastercard - Mobile Phone Insurance - IT WORKS AND IT IS FAST!!!

Hi Everyone!

The other day my wife confessed to me that she even though her phone was always kept in a case, she noticed that the back of her phone had cracked. She had no idea when this occurred. This was the first times I didn’t buy AppleCare on my phonesIt was a good thing that I purchased her phone directly from the Apple Store using my CIBC Costco MasterCard because it came with $1,000 in phone coverage!

I was not excited to get all the necessary paperwork to send to the insurance company, but to my surprise I was able to get all the documents online – even the repair estimate!

From submitting my claim to getting the claim approved and closed took less than 48 hours. Here is how the process went:

I submitted my claim on Sunday evening.
I heard back from the Insurance Company on Monday morning with a list of the documents required to process the claim.
I sent in the required documents one hour later.
I heard back from the Insurance Company Monday at 11:30AM saying I was approved to have the phone taken in for repairs.
I had the phone repaired on Tuesday morning at the Apple Store and promptly forwarded them the invoice.
One hour later my claim was approved, the cheque was processed and the claim was closed.
A cheque for the FULL AMOUNT of the repair was received one week later!

I’ve sent in my share of insurance claims in the past and this was the fastest claim that I have ever processed.

I just thought I would post my experience here in case you are in the same situation.

INFORMATION REQUIRED FOR THE INSURANCE COMPANY

The sales receipt/agreement detailing the device, cost, date and plan;
If you purchased the mobile device outright, a copy of your credit card statement showing your name, card type, first 6 and last 4 digits of the card number, and the purchase;
Any document showing your wireless provider
If all of any portion of the purchase price of your mobile device was financed through the Canadian wireless service provider, copies of your credit card statements showing your monthly payments
Estimate of repairs. If not repairable, a letter from the repair facility stating item is not repairable.
Repair invoice with corresponding credit card statement (must be charged to same eligible credit card)
Photo(s)
A copy of your Homeowner’s/Tenant’s Insurance policy showing your deductible.

Now things were pretty simple because I purchased my phone outright from the Apple Store. The two things that were a little difficult to find was the repair estimate and the Homeowner’s Policy showing my deductible. Fortunately, Apple has an online repair estimate calculator so I just entered in my information and took a screenshot of the page.

The Homeowner Insurance Policy Page they are looking for is called the Policy Declaration Page (one of the first pages on your insurance) and has all your deductibles listed on it. If you have used your credit card insurance before, you will be familiar with this page. It looks like this:

Now, if the deductible on my insurance was $500.00 instead of $1,000, my guess is that they would have only covered the first $500.00 and they would have expected me to use my homeowner’s policy for the rest of the damages. Maybe someone who knows more about this can add some insight?

Anyways, for me, this insurance was a success. The process was quick and painless and I was reimbursed for the full amount of the damages! I was also surprised that the claims submission was down via E-mail directly with a claims advisor (Nancy) who was great! I just had to E-mail her images or pdf of the documents. It was great corresponding with a real person than uploading documents to a claims server and how knowing when they will be processed.